"The Fed will cushion the slowdown once weaker growth numbers appear, but there isn't much is can or should do to prevent the permanent unwinding of securities tied to undocumented-income, negative-amortization, 100%-loan-to-value mortgages rated triple-A by irresponsible rating agencies and sold to unsuspecting investors."
That was John Makin in today's WSJ.
That was so good I think I'll let John provide the punchline too:
"Perhaps the price we pay for that kind of collective stupidity is a recession."
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